Term
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Definition
| the selection of short-run rate of output |
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Term
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Definition
| the choice of a production process for any given rate of output |
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Term
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Definition
| costs (or benefits) of a market activity borne by a third party |
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Term
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Definition
| the full resource costs of an economic activity |
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Term
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Definition
| the costs of an economic activity directly borne by the immediate producer or consumer |
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Term
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Definition
| an imperfection in the market mechanism that prevents optimal outcomes |
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Term
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Definition
| a fee imposed on polluters, based on the quantity of pollution |
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Term
| Optimal Rate of Pollution |
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Definition
| the rate of pollution that occurs when the marginal social benefit of pollution control equals its marginal social cost |
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Term
| Income Elasticity of Demand |
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Definition
| percentage change of quantity demanded divided by percentage change of income |
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Term
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Definition
| the relative price of farm products in the period 1910-14 |
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Term
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Definition
| land withdrawn from production as part of policy to increase crop prices |
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Term
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Definition
| the implicit price paid by the government for surplus crops taken as collateral for loans to farmers |
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Term
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Definition
| the amount by which the quantity supplied exceeds the quantity demanded at a given price; excess supply |
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Term
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Definition
| an incentive to engage in undesirable behavior |
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Term
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Definition
| the willingness and ability to work specific amounts of time at alternative wage rates in a given time period |
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Term
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Definition
| the total quantity of labor that workers are willing and able to supply |
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Term
| Elasticity of Labor Supply |
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Definition
| the percentage change in quantity of labor supplied divided by the percentage of change in wage rate |
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Term
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Definition
| the quantities of labor employers are willing and able to hire at alternative wage rates |
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Term
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Definition
| the demand for labor and other factors of production results from (depends on) the demand for final goods and services produced by these factors |
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Term
| Marginal Physical Product |
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Definition
| the change in total output associated with one additional unit of input |
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Term
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Definition
| the change in total revenue associated with one additional unit of input |
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